Sellers took full control of the index. Nifty
broke below a weekly trendline that was supporting the prices right from 2017. Selling was intense during the week. The daily RSI
has moved to 26 levels while weekly RSI
is close to 35 levels. The RSI
is oversold on both the timeframes, so a bounce cannot be ruled out. The extent of the pullback will decide the further course. Nifty
is expected to meet resistance at 11440 & 11740, shorts can be created at the levels considering the price action. On the downside nifty
may drift to 10600 & 9800 levels in the weeks to come.